Peoria Plush Pension Panic

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Peoria – Taxpayers United of America (TUA) today released its updated study on Peoria, Illinois government employee pensions, publishing the top 200 pensions for Peoria Illinois Municipal Retirement (IMRF) fund, the top 200 pensions of the Teachers’ Retirement Fund (TRS), and the top 200 pensions of State University Retirement System (SURS).

“Peoria is one of 20 cities in the USA that are still struggling with high foreclosure rates despite the robust national economic recovery,” stated Jim Tobin TUA’s president and former economist. “But the government hacks couldn’t care less about the people who fund their lavish salaries and pensions. When sluggish economic conditions are compounded by ever increasing property taxes you get a lot of foreclosures.”

“But the elected politicians worry only about securing votes and funding for their campaigns. They have no problem putting people out of their homes to deliver on the pension promises that keep them in office.”

  • Click here to see the top 200 Peoria TRS pensions
  • Click here to see the top 200 Peoria IMRF pensions
  • Click here to see the top 200 Peoria SURS pensions

“High taxes don’t scare gubernatorial candidate J. B. Pritzker out of increasing Illinois’ taxes. He openly supports an immediate income tax increase and will gladly help Illinois House Speaker, Michael J. Madigan usher in this assault on Peoria taxpayers.”

“Pritzker also supports the Income Tax Increase Amendment, which would change the current flat-rate state income tax to a graduated state income tax. He and his buddy Madigan plan on placing the amendment on the November 2020 statewide ballot.”

“If the amendment passes, you can expect the state’s middle class to be decimated. Here’s why: House Bill 3522, filed by state Rep. Robert Martwick, D-Chicago, would tax incomes between $7,500 and $15,000 at 5.84 percent. For incomes between $15,000 and $225,000, the rate would be 6.27 percent. And for incomes over $225,000, the rate would be 7.65 percent.”

“Illinois taxpayers would be defenseless. Some politicians are whispering about a maximum income tax rate as high as 9.85 percent,” added Tobin.

“The pension data speaks for itself. The average Peoria taxpayer’s Social Security pension is about $17,000 and is funded completely with private money from taxpayers and their employers. IMRF pensioners also collect Social Security on top of their very generous pensions so taxpayers are forced to shell out an additional 15% of the local government employee salaries.  IMRF pensions are funded by property taxes.”

“There are two government school employees in SD 150 whose current annual pensions exceed $200,000 each! Francis H. Hilton II gets $211,087. His lifetime payout is estimated at $4,809,075. Annette T. Smith rakes in $201,663 a year!”

“Of course, the Illinois Central College retiree, Thomas Thomas, tops our Peoria pensions at $218,517 this year. He will enjoy an estimated taxpayer funded lifetime payout of $4,838,752.”

“If Pritzker gets elected, he and Illinois tyrant Madigan will see to it that these lavish pensions are continued.  They bring in thousands of union and government employee votes. Taxes will increase at a devastating rate and more and more Illinoisans will leave the state, driving up the tax burden for those of us who stay.”

“It is just unreasonable to allow people to retire in their 50’s and early 60’s and expect taxpayers to foot the bill, but if Madigan gets his way and Pritzker wins the governor’s race, government pension reform won’t occur anytime soon,” concluded Tobin.

 

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Taxpayers United Of America: (TUA). is a nonpartisan, 501(c)(4) taxpayer advocacy group. Founded June 27, 1976 in Chicago, Illinois by activist and economist Jim Tobin, TUA works on behalf of taxpayers to reduce local, state, and federal taxes. In the past forty years, TUA has saved taxpayers more than $200 billion n taxes and has become one of the largest taxpayer organizations in America. Check All posts. s.

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